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Ottawa, ON, September 15, 2015 -According to statistics1 released today by The Canadian Real Estate Association (CREA), national home sales activity posted a small month-over-month increase in August 2015.

Highlights:

• National home sales edged up by 0.3% from July to August.
• Actual (not seasonally adjusted) activity stood 4.0% above August 2014 levels.
• The number of newly listed homes rose 0.5% from July to August.
• The Canadian housing market remains balanced overall.
• The MLS® Home Price Index (HPI) rose 6.43% year-over-year in August.
• The national average sale price rose 8.7% on a year-over-year basis in August; excluding Greater Vancouver and Greater Toronto, it increased by 4.2%.

The number of homes trading hands via MLS® Systems of Canadian real estate Boards and Associations edged up 0.3 per cent in August 2015 compared to July and remains near levels that have changed little since reaching a five-year high in May. (Chart A)

Sales were little changed on a month-over-month basis among all local markets in August, with an even split between markets posting increases and those with declines.

“August marked the fourth month in a row for strong and stable national sales activity,” said CREA President Pauline Aunger. “While home prices increased in British Columbia and in the Greater Toronto Area, they have been holding fairly steady in many other parts of the country for some time now. All real estate is local and REALTORS® remain your best source for information about sales and listings where you live or might like to in the future.”

“Prices continue to rise in Ontario and British Columbia, where listings are either in short supply or heading in that direction,” said Gregory Klump, CREA’s Chief Economist. “August also provided early evidence that modest price growth is re-emerging in some markets in Quebec and New Brunswick. The continuation of low interest rates is supporting home sales and price trends, and is likely to keep doing so for some time.”

Actual (not seasonally adjusted) activity in August 2015 was up four per cent from the same month last year. It was the third highest August sales figure on record after 2005 and 2007, and stood 6.6 per cent above the 10-year average for August.

Actual (not seasonally adjusted) sales were up from year-ago levels in a little over 60 per cent of all local markets, led by the Lower Mainland region of British Columbia and the Greater Toronto Area (GTA). Sales in Calgary continued to post the largest year-over-year declines after having run near record levels there last year.

The number of newly listed homes edged up by 0.5 per cent in August compared to July, led by gains in Edmonton and the GTA.

The national sales-to-new listings ratio was 56.7 per cent in August, down slightly from 56.9 per cent in July. A sales-to-new listings ratio between 40 and 60 per cent is generally consistent with balanced housing market conditions, with readings above and below this range indicating sellers’ and buyers’ markets respectively.

The ratio was within this range in a little under half of local housing markets in August. More than one-third of all local markets breached the 60 per cent threshold in August, comprised mostly of markets in British Columbia together with those in and around the GTA.

The number of months of inventory is another important measure of the balance between housing supply and demand. It represents the number of months it would take to completely liquidate current inventories at the current rate of sales activity.

There were 5.6 months of inventory on a national basis at the end of August 2015, unchanged from the previous three months and holding at a three-year low for the measure.

The Aggregate Composite MLS® HPI rose by 6.43 per cent on a year-over-year basis in August, accelerating from the 5.90 year-over-year gain in July and 5.43 per cent in June. This recent acceleration in year-over-year growth follows gains that held steady within a range of about five and five-and-a-half per cent. (Chart B)

Year-over-year price growth picked up in August for all Benchmark home types tracked by the index with the exception of townhouse/row units.

Two-storey single family homes continue to post the biggest year-over-year price gains (+8.85 per cent), followed by one-storey single family homes (+6.09 per cent), townhouse/row units (+4.29 per cent) and apartment units (+3.08 per cent).

Year-over-year price growth varied among housing markets tracked by the index. Greater Vancouver (+11.96 per cent) and Greater Toronto (+9.99 per cent) continue to post by far the biggest year-over-year price increases. By comparison, year-over-year price growth in the Fraser Valley accelerated to about seven per cent, while Victoria and Vancouver Island prices logged year-over-year gains of about five per cent in August.

Prices in Calgary were flat on a year-over-year basis in August, marking the first month since September 2011 of no year-over-year price growth. Prices in Saskatoon also ran roughly even with year-ago levels.

Elsewhere, home prices were up from August 2014 levels by about one-and-a-half per cent in Greater Montreal, by about one per cent in Greater Moncton, and by about half of one per cent in Ottawa. Prices fell by about three-and-a-half per cent in Regina, extending year-over-year price declines there that began in 2013. (Table 1)

The MLS® Home Price Index (MLS® HPI) provides a better gauge of price trends than is possible using averages because it is not affected by changes in the mix of sales activity the way that average price is.

The actual (not seasonally adjusted) national average price for homes sold in August 2015 was $433,367, up 8.7 per cent on a year-over-year basis.

The national average price continues to be pulled upward by sales activity in Greater Vancouver and Greater Toronto, which are among Canada’s most active and expensive housing markets. If these two markets are excluded from calculations, the average is a more modest $338,755 and the year-over-year gain is reduced to 4.2 per cent.

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PLEASE NOTE: The information contained in this news release combines both major market and national sales information from MLS® Systems from the previous month.

CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types.

MLS® Systems are co-operative marketing systems used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 109,000 REALTORS® working through some 90 real estate Boards and Associations.

Further information can be found at http://crea.ca/statistics.

For more information, please contact:

Pierre Leduc, Media Relations
The Canadian Real Estate Association
Tel.: 613-237-7111 or 613-884-1460
E-mail: pleduc@crea.ca

Highlights:

•       National home sales edged back by 0.4% from June to July.

•       Actual (not seasonally adjusted) activity stood 3.4% above July 2014 levels.

•       The number of newly listed homes edged up 0.2 per cent from June to July.

•       The Canadian housing market remains balanced overall.

•       The MLS® Home Price Index (HPI) rose 5.9% year-over-year in July.

•       The national average sale price rose 8.9% on a year-over-year basis in July; excluding Greater Vancouver and Greater Toronto, it increased by 4.1%.

The number of home sales processed through the MLS® Systems of Canadian real estate Boards and Associations declined by 0.4 per cent in July 2015 compared to June. While this marks the second consecutive monthly decline in activity, sales activity in May, June and July reached their highest monthly levels in more than five years. 

July sales were down from the previous month in about half of all local markets, led by declines in Hamilton-Burlington and in the Durham Region of the greater Toronto Area (GTA). The monthly decline in sales for these two markets represents a pullback from record levels in June and likely reflects an insufficient supply of listings. By contrast, sales in Newfoundland and Labrador were up most on a month-over-month basis, marking a rebound from a quiet month of June for the province.

“National sales activity remains solid, fuelled by strength in British Columbia and the Greater Toronto Area, where listings are in short supply or trending that way,” said CREA President Pauline Aunger. “That said, markets elsewhere across Canada are largely well balanced and in some cases have an ample supply of listings. As always, all real estate is local and REALTORS® remain your best source for information about sales and listings where you live or might like to in the future.”

“It’s fair to say that the strength of national sales is still a story about two cities, but it’s equally about how trends there are spreading out in their respective provinces,” said Gregory Klump, CREA’s Chief Economist. “Trends in British Columbia and Ontario have a big influence on the national figures, since they account for about 60 per cent of national housing activity. As a result, the national picture reflects how demand is running high for the short supply of single family homes in and around the GTA while the balance between supply and demand is tightening in B.C.’s Lower Mainland. These remain the only places in Canada where home prices are growing strongly.”

Actual (not seasonally adjusted) activity in July 2015 came in 3.4 per cent ahead of the same month last year, and marked the second highest July sales figure on record after 2009. Activity stood 12.6 per cent above the 10-year average for July.

Actual (not seasonally adjusted) sales were up from year-ago levels in just over half of all local markets, led by the Lower Mainland region of British Columbia and the GTA. While Calgary continued to post the largest year-over-year declines in sales compared to last year’s record levels, activity there is nonetheless running roughly in line with five and 10-year averages for sales during the month of July.

The number of newly listed homes was little changed (+0.2 per cent) in July compared to June, marking the fourth consecutive month in which new listings have held steady. New supply was up in a little more than half of all local markets, led by rebounds in Calgary and Edmonton which offset a small step down in the GTA.

The national sales-to-new listings ratio was 56.8 per cent in July, down slightly from 57.1 per cent in June. The measure has closely tracked the trend for sales this year as new supply has remained stable.

A sales-to-new listings ratio between 40 and 60 per cent is generally consistent with balanced housing market conditions, with readings above and below this range indicating sellers’ and buyers’ markets, respectively.

The ratio was within this range in about half of local housing markets in July. About one-third of all local markets breached the 60 per cent threshold in July, comprised mostly of markets in British Columbia together with those in and around the Greater Toronto Area.

The number of months of inventory is another important measure of the balance between housing supply and demand. It represents the number of months it would take to completely liquidate current inventories at the current rate of sales activity.

There were 5.6 months of inventory on a national basis at the end of July 2015, unchanged from the previous two months and a three-year low for the measure. The national balance between supply and demand has tightened since the beginning of the year as rising sales have drawn down on overall supply.

The Aggregate Composite MLS® HPI rose by 5.90 per cent on a year-over-year basis in July, accelerating from the 5.43 per cent year-over-year gain in June. Gains over the past year and a half had been holding steady within a range of about five and five and a half per cent. 

Year-over-year price growth picked up in July for all Benchmark home types tracked by the index. Two-storey single family homes continued to post the biggest year-over-year price gains (+8.16 per cent), with comparatively more modest increases for one-storey single family homes

(+4.88 per cent), townhouse/row units (+4.49 per cent) and apartment units (+2.96 per cent).

Year-over-year price growth varied among housing markets tracked by the index. Greater Vancouver (+11.23 per cent) and Greater Toronto (+9.39 per cent) continue to post by far the biggest year-over-year price increases. By comparison, year-over-year price growth in the Fraser Valley accelerated to about six per cent, while Victoria and Vancouver Island prices continued to log year-over-year gains of about four per cent in July.

Price gains in Calgary continued to slow, with a year-over-year increase of just 0.14 per cent in July. This was the smallest gain in nearly four years, with July’s reading down about 0.7% from the peak reached in November 2014 and up by about an equal percentage compared to the recent low point reached in April 2015. Prices continued running roughly even with year-ago levels in Saskatoon.

Elsewhere, home prices were up from July 2014 levels by just under two per cent in Greater Montreal and by just under one per cent in Ottawa. By comparison, prices fell by about three and a half per cent in Regina and by about one and a half per cent in Greater Moncton.

The MLS® Home Price Index (MLS® HPI) provides a better gauge of price trends than is possible using averages because it is not affected by changes in the mix of sales activity the way that average price is.

The actual (not seasonally adjusted) national average price for homes sold in July 2015 was $437,699, up 8.9 per cent on a year-over-year basis.

The national average home price continues to be upwardly distorted by sales activity in Greater Vancouver and Greater Toronto, which are among Canada’s most active and expensive housing markets. If these two markets are excluded from calculations, the average is a more modest $341,438 and the year-over-year gain is reduced to 4.1 per cent.

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PLEASE NOTE: The information contained in this news release combines both major market and national sales information from MLS® Systems from the previous month.

CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types.

MLS® Systems are co-operative marketing systems used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 109,000 REALTORS® working through some 90 real estate Boards and Associations.

Further information can be found at http://crea.ca/statistics.

For more information, please contact:

Pierre Leduc, Media Relations
The Canadian Real Estate Association
Tel.: 613-237-7111 or 613-884-1460
E-mail: pleduc@crea.ca

The further decline in oil prices since CREA’s last forecast has shaken consumer confidence in the Prairies, pushing potential homebuyers to the sidelines and prompting more homeowners to put their home on the market. This has led to a rapid shift in market balance in Alberta, and to a lesser extent, Saskatchewan. Annual sales in these provinces are expected to come in well below elevated levels posted last year, with small declines in average residential prices in 2015.

Additionally, the Canadian dollar has weakened further against the U.S. dollar, mortgage rates have declined and the U.S. economy has strengthened since CREA’s last forecast, which taken together are expected to benefit economic and job growth in other provinces. Accordingly, CREA has upwardly revised its forecast for sales activity for much of the rest of the country.

The balance between supply and demand continues to tighten in British Columbia and Ontario. These are the only two provinces where tight supply relative to demand is expected to result in average price gains that surpass inflation this year.

By contrast, average prices in Quebec and the Atlantic region are expected to remain relatively stable, as sales deplete elevated levels of supply.

On balance, the forecast for national sales has been revised lower, reflecting downward revisions to the outlook for sales in Alberta. National sales are now projected to reach 475,700 units in 2015, representing an annual decline of 1.1 per cent. This would place annual activity slightly above but still broadly in line with its 10-year average (Chart A).

British Columbia is projected to post the largest annual increase in activity in 2015 (+4.9 per cent) followed closely by Nova Scotia (+3.7 per cent), Quebec (+2.5 per cent), New Brunswick (+2.5 per cent), Ontario (+1.9 per cent), and Prince Edward Island (+1.4 per cent). These numbers represent upward revisions to CREA’s previous forecast.

Alberta is expected to post the largest annual decline in sales this year (-19.2 per cent), though the trend for activity is expected to begin recovering from a weak start to the year as consumer confidence recovers. Sales are also forecast to decline on an annual basis in Saskatchewan (-11.2 per cent), and Manitoba (-1.3 per cent).

The national average home price is now forecast to rise by two per cent to $416,200 in 2015. Only British Columbia (+3.4 per cent) and Ontario (+2.5 per cent) are forecast to see gains in excess of the national increase.

Prices are projected to remain largely stable elsewhere, with increases or decreases of around one per cent or less this year. The exception is Alberta, where average price is forecast to fall by 3.4 per cent, reflecting a pullback in sales for luxury properties compared to homes in more affordable price segments.

In 2016, national sales activity is forecast to reach 482,700 units, representing an annual increase of 1.7 per cent. Much of the annual increase reflects an anticipated recovery for sales activity in Alberta and Saskatchewan in line with expected economic improvement in those provinces.

Strengthening economic prospects are expected to result in improving sales activity in other provinces where sales have struggled, keeping prices more affordable amid ample supply. Meanwhile, anticipated mortgage rate increases are expected to keep activity in check in markets where homes are already less affordable and prices have continued rising.

The national average price is forecast to rise by a further 1.9 per cent to $424,100 in 2016. Given an ongoing shortage of supply for single family homes in and around the Greater Toronto Area, price growth in 2016 is forecast to be strongest in Ontario (+2.5 per cent) and Alberta (+2.4 per cent).

Gains of around two per cent are forecast for British Columbia and Manitoba, and around one per cent for Saskatchewan and Quebec. Average home price in the Atlantic region is forecast to hold steady in 2016.

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About The Canadian Real Estate Association
The Canadian Real Estate Association (CREA) is one of Canada's largest single-industry trade associations, representing more than 109,000 real estate Brokers/agents and salespeople working through some 90 real estate Boards and Associations.

For more information, please contact:

Pierre Leduc, Media Relations
The Canadian Real Estate Association
Tel.: 613-237-7111 or 613-884-1460
E-mail: pleduc@crea.ca

Ottawa, ON, February 17, 2015 - According to statistics released today by The Canadian Real Estate Association (CREA), national home sales activity was down on a month-over-month basis in January 2015.

Highlights:

• National home sales fell 3.1% from December to January.
• Actual (not seasonally adjusted) activity stood 2.0% below January 2014 levels.
• The number of newly listed homes rose 0.7% from December to January.
• The Canadian housing market remains balanced.
• The MLS® Home Price Index (HPI) rose 5.17% year-over-year in January.
• The national average sale price rose 3.1% on a year-over-year basis in January.

The number of home sales processed through the MLS® Systems of Canadian real estate Boards and Associations fell 3.1 per cent in January 2015 compared to December 2014.

January sales were down from the previous month in about 60 per cent of all local housing markets. On a provincial basis, the monthly decline largely reflected fewer sales in Alberta and Saskatchewan.

"As expected, consumer confidence in the Prairies has declined and moved a number of potential homebuyers to the sidelines as a result," said CREA President Beth Crosbie. "By contrast, housing market trends in the Maritimes are continuing to improve, which underscores the fact that all real estate is local. Nobody knows this better than your local REALTOR®, who remains your best source for information about the housing market where you currently live or might like to in the future."

Actual (not seasonally adjusted) activity in January stood two per cent below levels reported in the same month last year, marking the first year-over-year decline since April 2014.

"Comparing sales activity for January this year to sales one year earlier, there was a fairly even split between the number of markets where sales were up versus the number of markets where sales were down," said Gregory Klump, CREA's Chief Economist. "The decline in national sales largely reflects weakened activity in Calgary and Edmonton. If these two markets are removed from national totals, combined sales activity remained 1.9 per cent above year-ago levels."

The number of newly listed homes rose 0.7 per cent in January compared to December. New supply climbed higher in just over half of all local markets, led by Edmonton and Greater Toronto. By contrast, Greater Vancouver, Calgary, and Regina posted the largest monthly declines in new listings.

The national sales-to-new listings ratio was 49.7 per cent in January, marking the first time this measure of market balance has dipped below 50 per cent since December 2012.

A sales-to-new listings ratio between 40 and 60 per cent is generally consistent with balanced housing market conditions, with readings above and below this range indicating sellers' and buyers' markets, respectively. The ratio was within this range in more than half of all local markets in January.

The number of months of inventory is another important measure of the balance between housing supply and demand. It represents the number of months it would take to completely liquidate current inventories at the current rate of sales activity.

There were 6.5 months of inventory nationally at the end of January 2015, its highest reading since April 2013. As with the sales-to-new listings ratio, the reading for the number of months of inventory still indicates that the national market remains balanced.

The Aggregate Composite MLS® HPI rose by 5.17 per cent on a year-over-year basis in January. This continues the trend, in place throughout 2014, where year-over-year price gains held steady between five and five-and-a-half per cent.

Year-over-year price growth held steady in January for one-storey single family homes and decelerated for other Aggregate Benchmark housing types tracked by the index.

Two-storey single family homes continued to post the biggest year-over-year price gains (+6.57 per cent), followed closely by townhouse/row units (+5.00 per cent) and one-storey single family homes (+4.61 per cent). Price growth remained comparatively more modest for apartment units (+3.11 per cent).

Price gains varied among housing markets tracked by the index. As in recent months, Calgary (+7.76 per cent), Greater Toronto (+7.47 per cent), and Greater Vancouver (+5.53 per cent) continued to post the biggest year-over-year increases.

That said, while prices in Greater Vancouver and Greater Toronto continue to trend higher, the trend for prices in Calgary has been fairly stable since last summer while year-over-year gains continue to shrink.

In other markets from West to East, prices were up on a year-over-year basis in the Fraser Valley, Victoria, and Vancouver Island, while remaining stable in Saskatoon, Ottawa, and Greater Montreal. By contrast, prices declined on a year-over-year basis in Regina and Greater Moncton.

The MLS® Home Price Index (MLS® HPI) provides a better gauge of price trends than is possible using averages because it is not affected by changes in the mix of sales activity the way that average price is.

The actual (not seasonally adjusted) national average price for homes sold in January 2015 was $401,143. This represents an increase of 3.1 per cent year-over-year and the smallest increase since April 2013.

The national average home price remains skewed by sales activity in Greater Vancouver and Greater Toronto, which are among Canada's most active and expensive housing markets. Excluding these two markets from the calculation, the average price is a relatively more modest $312,280, which represents a year-over-year decline of three tenths of one per cent.

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PLEASE NOTE: The information contained in this news release combines both major market and national sales information from MLS® Systems from the previous month.

CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types.

MLS® Systems are co-operative marketing systems used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 109,000 REALTORS® working through some 90 real estate Boards and Associations.

Further information can be found at http://crea.ca/statistics.

Ottawa, ON, October 15, 2014 – According to statistics released today by The Canadian Real Estate Association (CREA), national home sales activity in September 2014 was down from the previous month.

Highlights:

• National home sales fell 1.4% from August to September.
• Actual (not seasonally adjusted) activity stood 10.6% above September 2013 levels.
• The number of newly listed homes declined by 1.6% from August to September.
• The Canadian housing market remains balanced.
• The MLS® Home Price Index (HPI) rose 5.3% year-over-year in September.
• The national average sale price rose 5.9% on a year-over-year basis in September.

The number of home sales processed through the MLS® Systems of Canadian real estate

Boards and Associations fell by 1.4 per cent on a month-over-month basis in September 2014, marking the first monthly decline since January of this year.

Activity was down in about 60 per cent of all local housing markets in September, led by monthly declines in Calgary, Edmonton, Central Toronto, Kitchener-Waterloo, London & St. Thomas, Windsor-Essex, and Ottawa. Home sales rose on a month-over-month basis in Fraser Valley, Vancouver Island, the Okanagan region, Mississauga, Durham and York regions of the Greater Toronto Area, Sherbrooke, and the Northern region of Nova Scotia.

“Affordably priced single family homes are in short supply in some of Canada’s hottest housing markets, which contributed to the monthly decline in national sales activity in September,” said CREA President Beth Crosbie. “That said, there are other markets with ample supply but sellers there are holding firm on price. There is a lot of variation in housing market trends depending on the type of housing, neighbourhood and price segment. All real estate is local and your REALTOR® is your best source for information about how the housing market is shaping up where you currently live or might like to in the future.”

Actual (not seasonally adjusted) activity in September stood 10.6 per cent above levels reported in the same month last year. September sales were up from year-ago levels in about 80 per cent of all local markets, led by Greater Vancouver and the Fraser Valley, the Okanagan region, Calgary, Greater Toronto and Montreal. The increase reflects activity in September 2013 that was handicapped by the occurrence of five Sundays, since that day is the lowest volume trading day for home sales.

Sales activity for the year-to-date in September was five per cent above where it stood in the first nine months of 2013, and remains broadly in line (+1.6 per cent) with the 10-year average for the period.

The number of newly listed homes declined by 1.6 per cent in September compared to August. New supply was down in just over half of all local markets, led by Calgary, Edmonton, Greater Toronto, Kingston and Ottawa.

The national sales-to-new listings ratio was 55.7 per cent in September. With sales and new listings having fallen in tandem, it was little changed from its reading of 55.6 per cent the previous month. A sales-to-new listings ratio between 40 and 60 per cent is usually described as a balanced market.

Just over half of all local markets posted a sales-to-new listings ratio in this range in September. Two-thirds of the remainder posted readings above the 60 per cent threshold that marks the border between balanced and seller’s market territory, almost all of which are located in British Columbia, Alberta and Southern Ontario.

The number of months of inventory is another important measure of the balance between housing supply and demand. It represents the number of months it would take to completely liquidate current inventories at the current rate of sales activity.

There were 5.9 months of inventory nationally at the end of September 2014, up slightly from 5.8 months in August and slightly below the 6.0 months reported in May, June and July.

Both the sales-to-new listings ratio and the number of months of inventory remain well within balanced market territory while pointing to a national market that has tightened since the beginning of the year.

The MLS® Home Price Index (MLS® HPI) provides a better gauge of price trends than is possible using averages because it is not affected by changes in the mix of sales activity the way that average price is. Greater Moncton joins the MLS® HPI this month, bringing the total number of markets covered by the index to 11, representing more than half of sales activity across Canada.

The Aggregate Composite MLS® HPI rose by 5.28 per cent on a year-over-year basis in September. Price growth has been steady at about five to five-and-a-half per cent since the beginning of the year.

Year-over-year price growth accelerated slightly for two-storey single family homes and slowed further for apartment units. Price gains for one-storey single family homes and townhouse/row units were little changed compared to August.

Two-storey single family homes continue to post the biggest year-over-year price gains (+6.52 per cent), followed closely by townhouse/row units (+5.51 per cent) and one-storey single family homes (+5.07 per cent). Price growth for apartment units remains comparatively more modest (+3.05 per cent).

Price growth varied among housing markets tracked by the index. As in recent months, the biggest gains were posted by Calgary (+10.11 per cent), Greater Toronto (+7.82 per cent), and Greater Vancouver (+5.26 per cent). Price gains were fairly flat elsewhere, with only Vancouver Island having posted year-over-year gains greater than consumer price inflation.

The actual (not seasonally adjusted) national average price for homes sold in September 2014 was $408,795, up 5.9 per cent from the same month last year.

The national average price continues to be skewed upward by sales activity in Greater Vancouver and Greater Toronto, which are among Canada’s most active and expensive housing markets. Excluding these two markets from the calculation, the average price is a relatively more modest $325,406 and the year-over-year increase shrinks to 4.5 per cent.

“Sales activity and prices in the third quarter were up compared to the second quarter, although momentum going into the fourth quarter is showing tentative signs of waning,” said Gregory Klump, CREA’s Chief Economist. “The continuation of extraordinarily low mortgage rates has been and will continue to be the key support for home sales activity amid continuing price increases in some of Canada’s most active and expensive urban centres.”

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PLEASE NOTE: The information contained in this news release combines both major market and national sales information from MLS® Systems from the previous month.

CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types.

MLS® Systems are co-operative marketing systems used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 111,000 REALTORS® working through some 90 real estate Boards and Associations.

Further information can be found at http://crea.ca/statistics.